Hong Kong Regulators to Hold Meeting between Crypto Firms and Banks

Hong Kong Regulators to Hold Meeting between Crypto Firms and Banks

The Hong Kong authorities have scheduled a meeting of representatives of cryptocurrency companies and banks, according to Bloomberg. It will discuss the issues of providing banking services to firms working with digital assets.

The meeting will take place on April 28 at the Hong Kong Monetary Authority (HKMA) and will be held jointly with the Hong Kong Securities and Futures Commission (SFC). Both of these regulators oversee activities in the field of cryptocurrencies. According to the announcement, the purpose of the discussion will be “facilitating direct dialogue” between banks and crypto firms and “sharing practical experience and perspectives in opening and maintaining bank accounts.”

Representatives of the HKMA and SFC told the publication that they would not comment on any details of the meeting, but clarified that they were maintaining a dialogue with interested parties.

Last year, the Hong Kong authorities headed for the legalization of retail operations with digital currencies and the development of a local licensed crypto business. However, the industry is having difficulty accessing the banking services that crypto firms need to hold fiat funds, pay staff, and pay suppliers.

Many of the companies used American banks such as Silvergate and Signature, but the latter’s recent bankruptcy has made matters worse. At the same time, an unexpected support for the industry is the growing interest of the Chinese authorities and large banks. Representatives of the crypto industry note that the green light from Beijing opens up new opportunities for the Hong Kong digital asset market.

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